GRAND RAPIDS, Mich. (GRBJ) - A new study shows the Grand Rapids Downtown Market has an overall economic impact of $85 million and produces and supports 764 jobs.
Completed by Grand Valley State University’s Seidman College of Business, the number comes from factoring “casual visitors” — those in Grand Rapids for other reasons who also spent money at the market — and “primary visitors,” those who said the market was their primary reason for visiting.
The study showed primary visitors create an estimated $31-million impact and produce and support 330 direct jobs. That includes the $6.6 million they also spent outside the market, generating $10.9 million in output.
Direct spending at the Downtown Market by all primary visitors was $6.6 million, with approximately 52% of that coming from people outside of Kent County.
Small business tenants located within the Downtown Market generate $19.5 million, which includes spending by customers, as well as spending by the tenants with local suppliers.
Causal visitors have created $54 million in impact.
For the whole story, pick up a copy of the Grand Rapids Business Journal, or find the story on their website.
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